| Abstract: | This study is sought to establish the extent of application of project risk management practices such as risk identification, risk analysis and ranking, risk response and monitoring and use of risk management tools on Bamacon engineering construction projects and the Influence of these practices on the success of these projects. This study adopted the case study of the Bamacon engineering plc. Which has implemented 15 projects which constituted this study’s targeted population. Primary data were collected for the purpose of this study. It was collected using self-administered structured questionnaires and also secondary data were used. Descriptive statistics were used to analyze the data by way of percentages, means, variance, standard deviation, correlation analysis and multiple regression analysis. The regression analysis showed that the variables risk identification, risk analysis, risk ranking, risk response and monitoring , and risk monitoring tools and techniques have a significantly influence on the project success. Findings from the study revealed that, risk management practices have been applied in projects. From the analysis of the data collected, it was proved that risk management has a positive correlation with project success. When used consistently, risk management practices increased the chances of project success. Due to the moderate application of risk management practices on uncertainty projects the study concluded that, there’s need to create more awareness on project risk management practices. The finding revealed that risk management practices are applied to the projects. Additional tools and risk management practices need to be developed and tested to determine which tools works best under different scenarios and environments. This will ensure that risk management improves project performance and success. |
